The article looks at how oil prices and the US economy affected Thailand's economy before and after the 2007-2009 crisis. The study found that the monetary transmission mechanism had little impact on consumer prices and industrial production. However, oil prices strongly influenced both, while US industrial production had a big effect on consumer prices before the crisis. After the crisis, oil prices still mainly affected consumer prices. Stock prices were the most important factor in how monetary policy affected industrial production after the crisis.